July 25, 2018

Mayor Emanuel Proposes TIF Assistance for Canal Street Reconstruction and New Public Plazas

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The reconstruction of a portion of the Canal Street viaduct in the West Loop would include two new plazas for public use, under a Tax Increment Financing (TIF) proposal introduced today to City Council by Mayor Rahm Emanuel.

The $18 million project between Van Buren and Harrison streets would replace the 40-year-old viaduct with a new bridge deck, support columns, expansion joints and abutment repairs. The underutilized, eastern portion of the Canal right-of-way, adjacent to Chicago’s Old Post Office, would be improved with public amenities north and south of the Eisenhower Expressway (I-290).

Construction work would be completed by 601 W. Cos., which is conducting a $600 million rehabilitation of the Old Post office as offices and retail space. 601 W. Cos would maintain the plazas for 50 years, as part of the agreement.

The project would be entirely funded by TIF. Construction would start this fall and last approximately two years.

The Canal viaduct has multiple sections between Madison and Taylor streets. Additional repairs will include the section between Jackson Boulevard and Van Buren.

 

 

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